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SB3376 - 104th General Assembly
MARK-TO-MARKET TAX ACT
Last Action
Senate Sponsors
Sen. Karina Villa - Graciela Guzmán, Rachel Ventura, Javier L. Cervantes, Adriane Johnson, Mark L. Walker and Ram VillivalamStatutes Amended In Order of Appearance
New Act
35 ILCS 5/203from Ch. 120, par. 2-203
Synopsis As Introduced
Creates the Extremely High Wealth Mark-to-Market Tax Act. Provides that a resident taxpayer with net assets worth $1,000,000,000 or more shall recognize gains or losses as if each asset owned by that taxpayer had been sold for its fair market value on December 31 of the taxable year. Contains provisions concerning the calculation of the amount of tax due from those gains or losses. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2026 | Senate | Filed with Secretary by Sen. Karina Villa |
| 2/04/2026 | Senate | First Reading |
| 2/04/2026 | Senate | Referred to Assignments |
| 2/09/2026 | Senate | Added as Co-Sponsor Sen. Rachel Ventura |
| 2/25/2026 | Senate | Added as Co-Sponsor Sen. Javier L. Cervantes |
| 2/26/2026 | Senate | Added as Co-Sponsor Sen. Adriane Johnson |
| 2/27/2026 | Senate | Added as Chief Co-Sponsor Sen. Graciela Guzmán |
| 2/27/2026 | Senate | Added as Co-Sponsor Sen. Mark L. Walker |
| 3/05/2026 | Senate | Added as Co-Sponsor Sen. Ram Villivalam |